The Cardano blockchain has seen significant growth in the number of new users joining the network since the start of the staking period last July. The latest data showed that the total number of ADA wallets has increased by almost 40 percent since the beginning of the year, and the total number has increased by an average of 1.5 percent per day.
Cardano sees a huge increase in the number of new wallets on the network
While most of the market measures the success of a network by the performance of its underlying asset, sometimes the only true measure of growth can be seen in the acquisition of new users.
Despite the solid performance of ADA in this bull cycle, the real success of the network is seen in its decentralization. According to the latest data released by staking pool operator Pieter Nierop, there has been a steady increase in new ADA wallets created every day for the past 30 days.
Their data showed that the total number of ADA wallets rose 37.8 percent last month. It rose from 191,581 on December 25, 2020 to 280,475 on January 25, 2021.
It reveals a steady and sustainable increase in the total number of wallets created since at least December 10th.
Steady growth in the number of new users means more decentralization
The increase in the number of new wallets created on the network naturally brings about an increase in the number of real users on the network. However, one of the few metrics that actually go down with Cardano is the average amount of ADA held in delegated wallets.
This means there are now a significant number of network users with less staking.
As more people transfer their funds to staking pools, the smaller they are, the more decentralized the network becomes. At the time of writing, 69.67 percent of ADA’s total circulating supply is networked. More than 55 percent of the wallets on the network have made an important move towards decentralization of the network by transferring all their funds to stake pools.